Ukraine’s PM outlines six key points of US-Ukraine minerals deal
Pravda Ukraine
Ukraine’s Cabinet of Ministers (Ukrainian government) has approved the signing of an agreement with the United States to establish the Reconstruction Investment Fund for Ukraine’s recovery.
Source: Ukraine’s Prime Minister Denys Shmyhal on Telegram
Quote: “Today, the government is making the decisions necessary to sign an agreement between Ukraine and the United States on the establishment of the Reconstruction Investment Fund.”
Details: He noted that the main points of the agreement will be as follows:
- Ukraine and the United States will create a Reconstruction Investment Fund, jointly owned and managed by their governments.
- Ukrainian minerals and resources will remain under Ukrainian control and will not be transferred to the US or any other entity.
- Ukraine will contribute 50% of future revenues from its natural resource assets to the Fund.
- The United States will contribute to the Fund with funds, financial instruments and other assets critical to Ukraine’s recovery.
- The funds collected by the Fund will be invested exclusively in projects aimed at Ukraine’s recovery.
- The agreement will align with Ukraine’s obligations within the European integration process.
In other words, as Shmyhal emphasised, there will be no discrepancies or contradictions with Ukraine’s European integration commitments.
Read also: Trading metals for security: which resources interest Trump, and what can Ukraine offer?
Background:
- On 13 February, US Treasury Secretary Scott Bessent visited Kyiv to discuss economic cooperation. At the time, President Volodymyr Zelenskyy stated that the US had presented Ukraine with an initial draft of the “partnership agreement”, which includes investments in Ukraine’s mineral resources in exchange for future assistance.
- Media reports indicated the Trump administration had proposed that Ukraine grant the US a 50% stake in the country’s rare-earth minerals, but Zelenskyy refused to sign the document.
- On 15 February, Zelenskyy stated that Ukraine was not rejecting the minerals agreement proposed by US President Donald Trump but that the document was not yet ready for signing.
- The previous version of the agreement proposed the creation of a commercial fund in which the US would have 100% control, while Ukraine would allocate funds to it.
- Zelenskyy had previously stated that he would not accept an agreement that would leave Ukraine owing US$500 billion to the US. He also noted that the presence of American businesses in Ukraine alone would not guarantee security.
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